Nofoth inks MoU to acquire Maqsood Restaurant brand

Nofoth Food Products Co. signed on Oct. 29 a non-binding memorandum of understanding (MoU) to acquire the Maqsood Restaurant brand, a statement said to Tadawul.

As part of the agreement, Maqsood Restaurant Co. will transfer two of its Riyadh branches, along with all brand-related assets, to Nofoth.

The MoU is effective from the signing date and will remain valid for 90 days, with the option to extend for additional similar periods.

Nofoth noted that any potential financial impact of the acquisition will be assessed at a later stage.

There are no related parties to the deal, and any significant updates on the acquisition process will be announced in line with relevant regulations and guidelines, the statement added.